tax calculation for A.Y. 09-10

616 views 3 replies

What will be the tax liability of Mr. X for A.Y. 09-10 ?

1. H.P. Income (after deductions)                                 -                       67291

2. Interest Income                                                            -                       51119

3. Long Term Capital Gain                                             -                     227935

Less:- Deduction U/s 80-C                                            -                        66378 

TDS                                                                                    -                              641

 

(according to me it was Rs.46055. am I right? Intt u/s 234 is taken upto march 31 2010)

 

Replies (3)

to the best of my Knowledge,

1. H.P. Income (after deductions)                                 -                       67291

2. Interest Income                                                            -                       51119

3. Long Term Capital Gain                                             -                     227935

Less:- Deduction U/s 80-C                                            -                     (66378 )

Net income                                                                                               280608

Tax Payable

1) 280608-110000                                                                               170608

(170608*20.30%)                                                                                  34633

Less: TDs                                                                                                (641)

                                                                                                                  33992

In continuation to Mr.Raj Patel and in my opinion....

Net Income            280608

Tax on Normal Income  (280608-227935) = 52673 = 0 (below 1,10,000/-)

Tax on LTCG separately at 20%  (227935) = 45587 (no S.C & E.C)

less: TDS                                                          = (641)

Net tax payable                                                = 44946

and  234B, C will also apply, accordingly check with ur answer.

 


 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
25 June 2026
AUDIT MANAGER

JDAS & ASSOCIATES

New Delhi

CA

View Details
Company
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details